Dr. Martens Plc · LSE:DOCS
Dr. Martens — H1 FY2026 Earnings Presentation
64 slides from Dr. Martens's earnings presentation, Nov 20, 2025
Slide 1: FY26 H1 Results
FY26 H1 RESULTS 20 NOVEMBER 2025 DR. MARTENS PLC
Slide 2: Agenda
AGENDA 1 INTRODUCTION IJE NWOKORIE CEO 2 FY26 H1 FINANCIAL RESULTS GILES WILSON CFO 3 H1 UPDATE IJE NWOKORIE CEO 2 DR . MAR T EN S FY26 H1 RESULTS
Slide 3: Introduction
INTRODUCTION IJE NWOKORIE Chief Executive Officer 3 DR . MAR T EN S FY26 H1 RESULTS
Slide 4: On Track
ON TRACK + On track with our four FY26 objectives + Work still to do with boots and sandals + EMEA DTC remains challenging + Cash generation and cost control delivering good financial progress + Laser focused on execution 4 DR . MAR T EN S FY26 H1 RESULTS
Slide 5: H1 Financial Results
H1 FINANCIAL RESULTS GILES WILSON Chief Financial Officer 5 DR . MAR T EN S FY26 H1 RESULTS
Slide 6: Continued Focus on Profitability and Balance Sheet Strength
H1 FINANCIALS CONTINUED FOCUS ON PROFITABILITY AND BALANCE SHEET STRENGTH + Revenue performance in H1 FY26 H1 FY26 Constant H1 FY25 line with plan, with focus £m Reported currency Reported on growing full price and Pairs (m) 4.7 4.6 reducing markdown Revenue 322.0 327.3 324.6 + Return to positive Ad
Slide 7: Revenue by Region
H1 FINANCIALS REVENUE BY REGION Americas 35% Americas EMEA APAC Americas 37% EMEA 50% + DTC performance driven by retail – + DTC decline driven by weaker retail + DTC strength driven by robust retail LFL in EMEA 48% APAC 15% both footfall and conversion footfall and impact of reduced Korea and full-
Slide 8: Resilient Gross Margin
H1 FINANCIALS RESILIENT GROSS MARGIN +130bps c.120bps 65.3% 64.0% c.30bps (c.30bps) H1 FY25 Channel mix ASP1 COGS H1 FY26 1. Average Sales Price. 8 DR . MAR T EN S FY26 H1 RESULTS
Slide 9: Tight Cost Control
H1 FINANCIALS TIGHT COST CONTROL £M 3.0 2.0 1.9 3.4 5.0 (2.7) (2.9) 0.3 (3.1) (3.0) Total GM £5.3m H1 FY25 ASP & COGS Volume Tariffs Non-demand Demand D&A & Other FY26 Adjusted Exceptionals, H1 FY26 EBIT Adjusted EBIT generating generating EBIT CC impairment CC OPEX OPEX and currency gains/losses 9
Slide 10: Strong Balance Sheet
H1 FINANCIALS STRONG BALANCE SHEET £M Net bank debt Lease liabilities 348.7 309.7 302.3 249.5 (7.4) 161.9 155.4 148.0 Cash generation ( 44.1) 155.4 8.2 1.6 13.3 6.3 28.0 38.7 186.8 154.3 154.3 94.1 (35.9) FY25 FY EBITDA Net working Payment of Net interest & CAPEX Dividends FX Decrease in FY26 H1 FY2
Slide 11: H1 Update
H1 UPDATE IJE NWOKORIE Chief Executive Officer 11 DR . MAR T EN S FY26 H1 RESULTS
Slide 12: Work in Progress
H1 UPDATE WORK IN PROGRESS SCALE PIVOT STABILISE FY25 FY26 FY27 FY28 12 DR . MAR T EN S FY26 H1 RESULTS
Slide 13: Strategic Shift: Channel First to Consumer First
H1 UPDATE STRATEGIC SHIFT FROM TO CHANNEL CONSUMER FIRST FIRST “BUILD IT AND THEY WILL COME” “EARN THE RIGHT WITH EACH WEARER” 13 DR . MAR T EN S FY26 H1 RESULTS
Slide 14: Ambition: World's Most Desired Premium Footwear Brand
H1 UPDATE AMBITION TO BE THE WORLD’S MOST DESIRED PREMIUM FOOTWEAR BRAND 14 DR . MAR T EN S FY26 H1 RESULTS
Slide 15: Our Levers for Growth
H1 UPDATE OUR LEVERS FOR GROWTH CONSUMER ENGAGE MORE CONSUMERS PRODUCT MARKETS DRIVE MORE PURCHASE OCCASIONS CURATE MARKET-RIGHT DISTRIBUTION ORGANISATION SIMPLIFY THE OPERATING MODEL 15 DR . MAR T EN S FY26 H1 RESULTS
Slide 16: Objectives We Set for FY26
H1 UPDATE OBJECTIVES WE SET FOR FY26 PRODUCT CONSUMER DRIVE PAIRS GROWTH IN PRODUCT REDUCE THE RELIANCE ON DISCOUNTED FAMILIES SUCH AS BUZZ, ZEBZAG AND PAIRS IN AMERICAS WHOLESALE LOWELL MARKETS ORGANISATION OPEN IN NEW MARKETS THROUGH A SIMPLIFY OUR OPERATING MODEL CAPITAL-LIGHT STRUCTURE 16 DR . M
Slide 17: Consumer
CONSUMER ENGAGE MORE CONSUMERS FY26 Objective: Reduce the reliance on discounted pairs in Americas wholesale 17 DR . MAR T EN S FY26 H1 RESULTS
Slide 18: Full Price Discipline Showing Early Signs of Success
CONSUMER FULL PRICE DISCIPLINE SHOWING EARLY SIGNS OF SUCCESS Full Price New Consumer mix 2024 2025 + Higher quality Americas wholesale order book with Full Price New Consumer % less discounted business + DTC Full Price revenue +6% + DTC Full Price mix +5%pts + New consumer Full Price mix +10%pts Ap
Slide 19: Americas DTC Continues to Improve
CONSUMER AMERICAS DTC CONTINUES TO IMPROVE + Americas DTC revenue +7.5% – Retail +15.7% – Ecommerce +0.8% with reduced clearance and Full Price revenue +20% San Diego Store All figures in Constant Currency. 19 DR . MAR T EN S FY26 H1 RESULTS
Slide 20: Product
PRODUCT DRIVE MORE PURCHASE OCCASIONS FY26 Objective: Drive pairs growth in product families such as Buzz, Zebzag and Lowell 20 DR . MAR T EN S FY26 H1 RESULTS
Slide 21: 20% Growth in Shoes Driven by New Product Families and Icons
PRODUCT 20% GROWTH IN SHOES DRIVEN BY BOTH NEW PRODUCT FAMILIES AND ICONS BUZZ SHOE LOWELL 1461 SHOE MARY JANE Best performing new shoe From launch to EMEA top 5 shoe in No.1 bestseller in APAC No.3 bestseller in Americas 12 months 21 All stats are DTC only DR . MAR T EN S FY26 H1 RESULTS Shoes up 2
Slide 22: Adrian Tassel Loafer No.2 Bestseller
PRODUCT ADRIAN TASSEL LOAFER NO.2 BESTSELLER 22 DR . MAR T EN S FY26 H1 RESULTS In DTC only
Slide 23: 1460 Black Smooth Remains No.1 Bestseller
PRODUCT 1460 BLACK SMOOTH REMAINS NO.1 BESTSELLER 23 DR . MAR T EN S FY26 H1 RESULTS
Slide 24: Delivering Boots Growth in New Product Families
PRODUCT DELIVERING BOOTS GROWTH IN NEW PRODUCT FAMILIES KASEY ZEBZAG No.3 bestseller LACELESS Focused on comfort and craft BUZZ HI Bestselling new product in EMEA following launch 24 DR . MAR T EN S FY26 H1 RESULTS All stats are DTC only
Slide 25: Product
PRODUCT 25 DR . MAR T EN S FY26 H1 RESULTS
Slide 26: 1460 Rain Boot
PRODUCT 1460 RAIN BOOT 1460 Rain Boot activation event Brooklyn, New York 26 DR . MAR T EN S FY26 H1 RESULTS
Slide 27: Markets
MARKETS CURATE MARKET-RIGHT DISTRIBUTION FY26 Objective: Open in new markets through a capital-light structure 27 DR . MAR T EN S FY26 H1 RESULTS
Slide 28: Entering New Growth Markets with Capital-Light Distribution
MARKETS ENTERING NEW GROWTH MARKETS WITH CAPITAL-LIGHT DISTRIBUTION + LATAM: distribution agreement signed; stores opened in Buenos Aires and Santiago + UAE: distribution agreement signed; product arriving in third- party wholesale stores + Philippines: existing distribution agreement accelerated; t
Slide 29: Expanding in Existing Markets with Franchise Partners
MARKETS EXPANDING IN EXISTING MARKETS WITH FRANCHISE PARTNERS + Italy: first franchise store opened (in Pompei) + China: three franchise stores opened (in Chengdu, Chongqing, and Hangzhou) Pompei Store 29 DR . MAR T EN S FY26 H1 RESULTS
Slide 30: Deepening Relationships with Wholesale Partners
MARKETS + Marketing activations for DEEPENING RELATIONSHIPS new product launches WITH WHOLESALE PARTNERS + Exclusive products + Healthy SS26 orderbooks 30 DR . MAR T EN S FY26 H1 RESULTS
Slide 31: Organisation
ORGANISATION SIMPLIFY THE OPERATING MODEL FY26 Objective: Simplify our operating model 31 DR . MAR T EN S FY26 H1 RESULTS
Slide 32: Supporting Simplification and Consumer Focus
ORGANISATION SUPPORTING SIMPLIFICATION AND CONSUMER FOCUS CUSTOMER SUPPLY & GLOBAL DATA DEMAND TECHNOLOGY PLATFORM PLANNING CENTRE (CDP) SYSTEM (GTC) 32 DR . MAR T EN S FY26 H1 RESULTS
Slide 33: FY26 Objectives: Progress So Far
CLOSING COMMENTS FY26 OBJECTIVES: PROGRESS SO FAR CONSUMER Reduce the reliance on discounted pairs in Americas On track; full price DTC revenue +6% wholesale PRODUCT Good progress; successful launch of Drive pairs growth in product families such as Buzz, Buzz boot and Zebzag Laceless boot Zebzag and
Slide 34: Levers of Growth in Action: South Korea
CLOSING COMMENTS LEVERS OF GROWTH IN ACTION: SOUTH KOREA + CONSUMER: Full price DTC revenue +64% with mix up 25%pts + PRODUCT: 1461 Shoe bestselling product in DTC. Lowell Shoe +>90% + MARKETS: Compelling partnerships with wholesale to elevate our iconic products + ORGANISATION: Local execution at p
Slide 35: H1 Summary
CLOSING COMMENTS H1 SUMMARY + Executing against our Levers for Growth strategy + Seeing early signs of progress + Much work still to do and significant opportunity ahead 35 DR . MAR T EN S FY26 H1 RESULTS
Slide 36: Significant Headroom for Growth
CLOSING COMMENTS SIGNIFICANT HEADROOM FOR GROWTH OOTWEAR MARKET ALF £37 OB 0B GL M A R K E TS £ : 45 27 T RM 2B 0.7% MARKET SHARE; 70% OF PROFITS AT £100+ PRICE POINTS M A R K ET S : 15 £1 M 7 TR 9B CURRENT RSV £1.3B Source: Statista 2025 Opportunity defined as uncaptured value within total market s
Slide 37: Medium-Term Financial Targets
CLOSING COMMENTS MEDIUM-TERM FINANCIAL TARGETS + Profitable revenue growth above the rate of the relevant footwear market + Operational leverage to drive mid to high teens EBIT margin + Underpinned by strong cash generation 37 DR . MAR T EN S FY26 H1 RESULTS
Slide 38: Q&A
Q&A 38 DR . MAR T EN S FY26 H1 RESULTS
Slide 39: Appendix
APPENDIX + IR contact details + Strategy + Systems + Supply chain + Sustainability + Summary financials + Revenue breakdown + Retail store estate + Balance sheet + FX translation rates + Detailed guidance + Alternative performance measures + Cautionary statement 39 DR . MAR T EN S FY26 H1 RESULTS
Slide 40: Investor Relations Contact Details
APPENDIX INVESTOR RELATIONS CONTACT DETAILS BETHANY BARNES Director of Investor Relations and Corporate Communications Bethany.Barnes@drmartens.com +44 7825 187465 LOUISE DUREY Investor Relations and Corporate Communications Senior Manager Louise.Durey@drmartens.com +44 7361 225576 CAT HOWE Investor
Slide 41: Ambition: World's Most Desired Premium Footwear Brand
APPENDIX AMBITION: TO BE THE WORLD’S MOST DESIRED PREMIUM FOOTWEAR BRAND CONSUMER ENGAGE MORE CONSUMERS + Lead marketing with product, grounded + Deliver a seamless omni-channel + Build post-purchase engagement to increase in comfort, craft and confidence experience tailored to each consumer purchas
Slide 42: Consumer
CONSUMER APPENDIX ENGAGE MORE CONSUMERS 01 02 03 Lead marketing with Deliver a seamless Build post-purchase product, grounded omni-channel experience engagement to increase in comfort, craft tailored to each purchase frequency and and confidence consumer consumer spend 42 DR . MAR T EN S FY26 H1 RES
Slide 43: Product
PRODUCT APPENDIX DRIVE MORE PURCHASE OCCASIONS 01 02 03 04 Reinforce premium Manage hero product Extend our offer in Innovate to enhance positioning of our icons families to optimise sandals, bags and other comfort, lightness through elevated newness across diverse adjacent categories and sustainabi
Slide 44: Markets
MARKETS APPENDIX CURATE MARKET-RIGHT DISTRIBUTION 01 02 03 Expand b2b through long- Build a differentiated Enter new growth term product and marketing DTC footprint to elevate markets with capital-light partnerships with top-tier the brand, aligning distribution models accounts operating models to e
Slide 45: Organisation
ORGANISATION APPENDIX SIMPLIFY THE OPERATING MODEL 01 02 03 Simplify how we work Optimise the cost Build a culture of excellence, to drive efficiency, base to support care, and accountability, scale and speed strategic priorities strengthening organisational clarity, talent development and disciplin
Slide 46: Craft Curators: A Significant Opportunity
APPENDIX “CRAFT CURATORS” A SIGNIFICANT OPPORTUNITY “Style Seekers” “Craft Curators” “Alternative Individuals” Consumers who buy for Consumers who buy for Consumers who buy for trends product quality individuality Purchase drivers Trend, Style Craft, Quality, Comfort Uniqueness, Authenticity Address
Slide 47: Curate Market-Right Distribution
APPENDIX CURATE MARKET-RIGHT DISTRIBUTION RETAIL ECOMMERCE FRANCHISE/ WHOLESALE DISTRIBUTOR + Consumer experience + Ease of shopping + Establish presence + Product breadth awareness + Personalisation + Introduce the brand + Compare products + Education + Integrate with social to market across brands
Slide 48: Curate Market-Right Distribution
APPENDIX CURATE MARKET-RIGHT DISTRIBUTION HIGHER BRAND AWARENESS DISTRIBUTOR/ DTC-LED FRANCHISE FRAGMENTED CONCENTRATED MARKET MARKET WHOLESALE DISTRIBUTOR -LED LOWER BRAND AWARENESS 48 DR . MAR T EN S FY26 H1 RESULTS
Slide 49: A Modern Systems Architecture to Underpin Growth
APPENDIX A MODERN SYSTEMS ARCHITECTURE TO UNDERPIN GROWTH ECOMMERCE RETAIL WHOLESALE CRM & Supply marketing Order Management System and technology Demand Planning Customer Data Platform Product Data Platform ERP Data platform 49 DR . MAR T EN S FY26 H1 RESULTS
Slide 50: World Class Supply Chain
APPENDIX WORLD CLASS SUPPLY CHAIN UK X2 UK X1 NETHERLANDS X1 CANADA X1 SOUTH KOREA X1 JAPAN X1 CHINA X1 USA X2 PAKISTAN X1 HONG KONG X1 THAILAND X1 LAOS X2 VIETNAM X4 DC Tier 1 footwear factories + Strong long-term + Significantly increased + Enhanced flexibility + Defect rate of less than + 100% of
Slide 51: Sustainability Embedded in Everything We Do
APPENDIX SUSTAINABILITY EMBEDDED IN EVERYTHING WE DO PLANET PRODUCT PEOPLE Reducing our impact Moving towards a Supporting our employees, on the planet regenerative and circular the workers in our supply product lifecycle chain and wider communities 51 DR . MAR T EN S FY26 H1 RESULTS
Slide 52: Summary Financials
APPENDIX SUMMARY FINANCIALS % change H1 FY26 H1 FY26 Constant H1 FY25 £m Reported currency Reported Reported Constant currency Pairs (m) 4.7 4.6 1.4% Revenue 322.0 327.3 324.6 -0.8% 0.8% Gross Margin 210.3 213.0 207.7 1.3% 2.6% Gross Margin% 65.3% 65.1% 64.0% 1.3pts 1.1pts Opex1 (173.0) (175.0) (174
Slide 53: Revenue by Channel
APPENDIX REVENUE BY CHANNEL % change H1 FY26 H1 FY26 H1 FY25 £m Reported Constant currency Reported Reported Constant currency Ecommerce 81.3 83.2 87.7 -7.3% -5.1% Retail 98.2 99.9 95.3 3.0% 4.8% DTC 179.5 183.1 183.0 -1.9% 0.1% Wholesale1 142.5 144.2 141.6 0.6% 1.8% Total 322.0 327.3 324.6 -0.8% 0.
Slide 54: Revenue by Category
APPENDIX REVENUE BY CATEGORY FY25 Group Revenue H1 FY26 Group Revenue Bags & Other 5% Bags & Other 5% Sandals 12% Sandals 15% Boots 50% Boots 57% Shoes 26% Shoes 30% 54 DR . MAR T EN S FY26 H1 RESULTS
Slide 55: Icons Revenue
APPENDIX ICONS REVENUE FY25 Group Revenue + Approximately four-fifths of icons revenue comes from continuity lines 1460 Boot such as Black Smooth, Ambassador or Crazy Horse leather 1461 Shoe 2976 Chelsea Boot Adrian Tassel Loafer 55 DR . MAR T EN S FY26 H1 RESULTS
Slide 56: Quarterly Revenue by Channel & Region
APPENDIX QUARTERLY REVENUE BY CHANNEL & REGION Q126 Q226 H126 YoY Change Actual CC Actual CC Actual CC Total Revenue -2.3% 0.7% 0.0% 0.9% -0.8% 0.8% Revenue by channel Ecommerce -4.9% -1.8% -9.1% -7.7% -7.3% -5.1% Retail -2.0% 0.7% 7.7% 8.7% 3.0% 4.8% DTC -3.3% -0.5% -0.7% 0.5% -1.9% 0.1% Wholesale1
Slide 57: Directly-Operated Retail Store Estate
APPENDIX DIRECTLY-OPERATED RETAIL STORE ESTATE 1 April 2025 Opened Closed 29 September 2025 EMEA: UK 34 (2) 32 Germany 17 1 (1) 17 France 18 1 19 Italy 14 14 Spain 6 (1) 5 Other 14 14 103 2 (4) 101 Americas: 59 4 (1) 62 APAC: Japan 46 1 47 China 7 3 (1) 9 South Korea 17 17 Hong Kong 7 1 8 77 5 (1) 8
Slide 58: Balance Sheet
APPENDIX BALANCE SHEET 28 September 2025 30 March 2025 29 September 2024 Freehold property 6.5 6.7 6.7 Right-of-use assets 135.8 143.2 153.4 Other fixed assets 71.6 76.2 79.3 Inventory 199.8 187.4 245.4 Working capital1 (excluding inventory) (38.6) (48.0) (52.0) Other2 12.5 6.0 7.8 Operating net ass
Slide 59: FX Translation Rates
APPENDIX FX TRANSLATION RATES GBP/USD GBP/EUR GBP/JPY FY26 FY25 % change FY26 FY25 % change FY26 FY25 % change H1 1.34 1.28 5% 1.17 1.18 1% 196 195 0% H2 1.27 1.20 194 FY 1.28 1.19 194 FX revenue sensitivities are as follows: for every 1%pt movement in US dollar c.£3.0m; Japanese Yen c.£0.5m and Eur
Slide 60: FY26 Guidance
APPENDIX FY26 GUIDANCE + New own store openings of 20 to 25 + Depreciation and Amortisation of around £75m (£75m to £80m previously) + Net finance costs of around £25m (£25m to £27m previously) + Blended tax rate of c.26% + Capex of around £20m (£20m to £25m previously) + Inventory broadly flat year
Slide 61: Alternative Performance Measures
APPENDIX ALTERNATIVE PERFORMANCE MEASURES Metric Definition Rationale Revenue less cost of sales (mainly raw materials and consumables). Gross margin Helps evaluate growth trends, establish budgets and assess operational performance and efficiencies. Revenue and cost of sales are disclosed in the Co
Slide 62: Alternative Performance Measures (continued)
APPENDIX ALTERNATIVE PERFORMANCE MEASURES (continued) Metric Definition Rationale Adjusted EBIT margin Adjusted EBIT divided by revenue. Used to evaluate growth trends, establish budgets and assess operational performance and efficiencies. EBITDA less change in net working capital, share-based payme
Slide 63: Cautionary Statement
APPENDIX CAUTIONARY STATEMENT Cautionary statement relating to forward-looking statements Announcements, presentations to investors, or other documents or reports filed with these disclosures. Accordingly, no assurance can be given that any particular or furnished to the London Stock Exchange (LSE)
Slide 64: Dr. Martens plc
Dr. Martens plc drmartensofficial